Do you know 63.3% of businesses believe that retaining employees is more complex than hiring them?
Therefore, it becomes imperative for businesses to take concrete steps towards retaining their staff. This is where employee recognition comes in handy. It is an excellent way of showing your employees that you appreciate their hard work. No wonder 52.5% of employees expect more recognition from their immediate manager or team lead!
All in all, employee recognition can do the following things for your business:
- Boost employee morale
- Improve employee efficiency
- Increase employee engagement
- Lower employee turnover
- Establish long-term professional relationships with employees
This article will cover the details about employee recognition. We will also highlight various ways to help you ace your employee recognition strategy in 2022.
Let's get started!
What is employee recognition?
As the name itself suggests, employee recognition is a process that allows you to acknowledge the achievements and hard work of your employees. It helps organizations make employees feel valued, happy and respected while bringing a sense of increased dedication amongst them. It’s clear that there are many reasons to recognize employees. Now let’s look at the ways you can recognize and reward employees.
11 ways of employee recognition
1. Start with an employee care package
An employee care package contains anything and everything that your staff would love. From assorted chocolates and finger-licking snacks to personalized gifts and handwritten notes, an employee care package can serve as a wholesome gift and make your employee happy and motivated, all at the same time.
You can even personalize your packages and get them in sync with your brand's value and goals. One of these rewards can be found at Fineawards.com, where you can order custom-designed rewards.
2. A shout out always works
Did you love a sales CRM presentation that one of your employees gave? Was a specific employee's annual revenue report top-notch? If that's the case, why not give them a shout-out and let the employee and everyone around them know how you appreciate their work?
Be it a long speech or a single line, your employees deserve the appreciation for all the hard work they do. And the best part about shout-outs are they are free and super effective.
Motley Fool gives their employees shout out in a unique way. The company believes that every day is an employee recognition day and uses a peer to peer recognition tool that lets employees give shout out to each other throughout the year. And do you know what is the best part of these shout outs? They can be later converted into prizes. Now, that's what you call an amazing employee recognition strategy!
3. Celebrate victories through team lunches
Promoting team bonding goes a long way in increasing coordination and seamless communication amidst team members. This, in turn, increases team productivity and leads to better quality of work. A great way of facilitating team coordination is celebrating a milestone or an achievement through team lunches.
- Did you crack a deal that your team was working upon for long?
- Was your team able to increase conversion and sales leading to accelerated revenues?
Then go ahead, organize a team lunch and celebrate your employee's hard work. It will keep their spirits high and ensure that they thrive in a healthy work environment.
4. Congratulate on work anniversaries
Apart from applauding your employees for specific achievements and milestones, it is important that you recognize them for their overall contribution. So, make sure you celebrate and congratulate them on their work anniversary.
You can send them a formal email or a handwrytten note and tell them how you appreciate their work. Send them a work anniversary meme to make them smile if you want to wish them informally.
You can also send them a virtual thank you card on their anniversary. And if you want to go the extra mile, try making an infographic or a PDF about their journey in your organization. Remember, the more, the merrier!
Work anniversaries are a great way of employee retention. Also, it motivates other employees to stay because they know you will appreciate them for their hard work and effort.
You can take some inspiration from Groupon. For every work anniversary, they give their employees a bright green colored Adidas track jacket. Employees can even personalize the jacket with their names or other fun tidbits. How cool is that!
5. Create an employee wall of fame
A great way of employee appreciation is a wall of fame. You can coin terms such as "performer of the month" and put the selected employees photo on the wall of fame. It will serve as a major boost for your employees. Also, the success story of one employee will motivate other employees to give their best. So, it's a win-win situation for all.
6. Invest in employee training
Constant learning and development encourages employees to take higher organizational responsibilities like a pro.
Therefore, make it a point to send your employees in regular seminars, leadership programs, and business conferences. It will help them understand the various aspects of business such as the latest trends, strategies, and competition. It will also give them a chance to interact with like-minded professionals and grow their business network.
Further, you can invest in knowledge sharing programs, online courses and career development programs to help employees upskill themselves.
7. Incorporate employee wellness programs
Approximately of 70% employees believe that they need their employer's support in staying healthy. So, if you want to have a higher employee retention rate, you should give your employees access to wellness programs.
8. Plan an employee trip
It is important to unwind from your monotonous routine and refresh yourself from the chaos of work. Hence, planning a trip with your employees can serve as a great stress booster for them. Results? They will be back with a fresh perspective and a zeal to give their best.
So, whether it is a one day trip to a nearby hill station or a trekking adventure accelerating the adrenaline rush, an employee trip can help you push your employees to excel professionally.
9. Give your employees a surprise day off
Apart from a trip, an off from work out of nowhere can be a good change for your employees. You should especially do this if your employees were working on a difficult project and pulled it off well. Such a surprise off will help them relax and come back with a productive bang.
10. Give them a chance to work on special projects
Show your employees that you trust them. Let them display their true potential by encouraging them to come out of their comfort zone and do something that's different. Simply put, try building a learning culture amidst your employees.
For instance, if you have a digital marketing company, you can ask your accounts manager to come up with a good marketing strategy for an influencer agency. It will give them an idea about their versatility while giving them a break from their usual accounting job.
11. Recognize your employee’s hidden talents
Your employees might be having talents other than the work they do. While some might be good at singing, some might have a knack for writing. Few others might be inclined towards charity work. And others might love everything about trivia. So, go ahead, find out what they love doing and reward them for their personal interests.
For instance, if an employee loves reading, give him/her a book from their favourite author. They will love this thoughtful gift for sure. It will show that you appreciate them as a person and not just on a professional front. It will lead to impeccable employee development.
12. Enrol employees in a mentorship program
Workplace mentoring programs are proven to increase employee engagement, productivity, and build company cultures that employees want to be a part of. Whether you’re employee mentoring program is designed to pair leaders with more junior employees or match peers together, the benefits of a structured mentoring relationship are incredible. There’s a reason why 70% of fortune 500 companies have structured mentoring programs.
If you already have an employee recognition program, consider combining recognition with a mentoring program to drive more impact.
If you’re looking to start a mentoring program you can do so following our simple 6 step guide. If you’re looking for an easy way to match employees based on their goals and skills they want to develop, learn how our mentor matching algorithm works.
Employee recognition can be your go-to strategy for appreciating your employees. It makes them feel valued while encouraging them to put their best foot forward as employees. So, whether it is an employee trip, a shout out or an employee wellness program, investing in your employee's happiness will help you pave new avenues of success for your business.
You can also make your business a better workplace by including an employee wall of fame, gifting employee welfare packages, and going the extra mile on their work anniversaries.